QADIMA, Israel, April 15 (UPI) -- Israeli Aerospace Industries and its Brazilian partner have started a joint venture to expand IAI's offerings in Brazil through acquisitions of local companies.
EAE Aerospace Solutions was established in Brazil by IAI and the Synergy Group to become the shareholder and holding company of the group's activities in Brazil and recently announced a substantial investment in Flight Technologies, a local manufacturer of tactical UAVs for the Brazilian army, Defense Update, an Israeli publication, reported.
The Synergy Group also has relevant activities, including control of the EISA Shipyard, currently building a 500-ton patrol ship for the Brazilian navy, and the Brazilian Digex company, operating in the aircraft maintenance area, it said.
"This formation provides IAI the growth and flexibility enabling us to grow in the Brazilian market" IAI Chairman Yair Shamir said. "The unique formation offers IAI, and the Synergy Defense and Security Group, acting as our local partner, to acquire companies that will be able to absorb, promote and localize the wide range of capabilities offered by IAI, tailoring it for the Brazilian requirements."
Shamir said that among the fields of interest of the new joint venture are Brazilian companies providing aircraft maintenance and support; providers of electronics and avionics; and companies associated with maritime operations.
"We entered Brazil with determination to be an active, leading player in the Brazilian defense and security market" Shamir was quoted as saying, "While we are pursuing several defense and security programs in the Brazilian market we are not necessarily waiting for these tenders to mature, or wins to establish our presence here."